A dramatic turn of events in the banking game of risk. The Roman financier Francesco Gaetano Caltagirone, the president of Delfin and EssilorLuxottica, Francesco Milleri, and the CEO of Monte dei Paschi, Luigi Lovaglio, are investigated for stock market manipulation and obstruction of the supervisory authoritiesThe investigation, anticipated by the Corriere della Sera, is conducted by the Milan Public Prosecutor's Office and concerns a alleged concert on the MPS offer on Mediobanca, concluded in September with Rocca Salimbeni at 86,3% of Piazzetta Cuccia.
The investigation into Caltagirone, Milleri, and Lovaglio
According to the investigators Caltagirone, Milleri and Lovaglio would have agreed on the offer with which MPS, of which the government was the main shareholder, took control of Mediobanca. Also the Caltagirone group and Delfin itself, as legal entities, would be investigated under Law 231 on the administrative liability of companies for crimes committed by management in the company's interest.
The prosecutors Luca Gaglio and Giovanni Polizzi, coordinated by the additional prosecutor Roberto Pellicano, accuse the three of not having declared to the market the agreement on the takeover of Mediobanca. The agreement would have been hidden even from the inspectors: to Consob (which supervises the Stock Exchange), to the ECB (which supervises the credit system) and to Ivass (which supervises insurance) and would have involved coordination, in addition to the purchases of a portion of MPS shares sold at the end of 2024 by the Treasury, also of the purchases of Mediobanca shares, to the point of violating the obligation to launch a takeover bid upon reaching the 25% threshold of the merchant bank.
Milleri, Lovaglio, and Caltagirone, along with the two companies, were listed under investigation in recent months, around the time the first reports emerged of the investigation into the MPS-Mediobanca deal, which had knock-on effects on Generali. Caltagirone and Delfin, moreover, already owned stakes in all three companies involved in the takeover: Monte dei Paschi, Mediobanca, and Generali.
The investigation started from a complaint filed at the beginning of 2025 by Mediobanca against several press articles deemed defamatory by Piazzetta Cuccia. From there, the Milanese magistrates' investigation expanded, examining the manner in which the last accelerated placement of a portion of Rocca Salimbeni's capital was conducted. At the time, the seller was the Ministry of Economy and Finance (MEF) (through Banca Akros, which is not under investigation), while the Caltagirone group, the Del Vecchio family's Delfin holding company, Banco BPM, and the asset management company Anima purchased the same stake at the same time. Over the months, the investigation further expanded to include the Piazzetta Cuccia takeover bid, which was closed last September.
MPS: "We will clarify our correctness."
Through a note, MPS announced that it had received notification from the Milan Public Prosecutor's Office of a search warrant” and that “in this context it was notified a notice of investigation to Dr. Luigi Lovaglio in his capacity as CEO”. “The hypotheses of crime indicated in the document – the note continues – refer to the obstruction of supervisory functions and market manipulation”. MPS then states that it is “confident of being able to provide all the elements to clarify the correctness of one's actions and expresses full confidence in the competent authorities, to whom it confirms its complete collaboration".
Delfin: "I acted in accordance with market rules."
The board of directors of Delfin, "taking note of the initiative of the Milan Public Prosecutor's Office, unanimously declares the total lack of involvement of its members in the contested facts and to always have acted in full compliance with market rules and applicable regulations,” a statement from the holding company reads. The board “finally expresses its confidence that the ongoing investigation will demonstrate the groundlessness and inconsistency of the provisional charge, confirming the non-involvement of the board of directors and its members in the accusations made.”
Caltagirone: "We are certain of the absolute correctness of our actions."
The Caltagirone Group, "confirms its full confidence in the work of the Judicial Authority to which it has provided and intends to provide full collaboration, certain of theabsolute correctness of the actions of its exponents who have constantly acted in compliance with the rules which govern the market, relating transparently with all the supervisory authorities".
Stocks are collapsing on the stock market
After the news broke, the affected stocks closed in deep red on Thursday. And the repercussions of the affair are also visible in today's session, with MPS at the bottom of the FTSE MIB with a decrease of 2,4%. Mediobanca instead it gives up 0,27%, while outside the main list, the stock Caltagirone rebounds, rising by 3,2%.
(Last update: 12.52 am on 28 November).
